Duke  University  Libraries 


D03209779. 


TREASURY  DEPARTMENT,  C.  S.  A.,  ? 
Riclimoud,  February  22,  18G4.       ] 

The  following  Regulations  and  Instructions  for  carrying 
into  effect  the  Act  of  February  17,  1864,  "  to  reduce  the 
currency  and  to  autlierize  a  new  issue  of  Notes  and  Bonds" 
will  be  observed  by  all  officers  in  the  Treasury  Department : 

1.  The  holders  of  all  Treasury  Notes  above  the  denomina- 
tion of  five  dollars  not  bearing  interest,  arc  allowed  until 
the  1st  of  April  east  of  the  Mississippi,  and  until  the  1st  of 
July  west  of  the  Mississippi,  to  fund  the  same  in  20  years 
Registered  Bonds  hearing  annual  interest  at  the  rate  of  four 
per  cent,  payable  semi-annually.  Until  the  Bonds  can  be  pre- 
pared, the  various  Treasurers  and  Depositaries  shall  issue 
certificates  in  the  form  herewith  prescribed,  to  be  afterwards 
exchanged  for  Bonds  at  the  same  office  frorii  which  the  cer-' 
tificate  was  issued.  The  certificates  shall  be  bound  in  a 
book,  reserving  a  margin  for  the  date,  amount  and  ])arty 
named  in  each  certificate,  and  sliall  be  cut  fioin  the  book  in 
a  curved  line  so  as  to  preserve  the  means  of  verifying  the 
same. 

2.  The  said  certificates,  before  their  exchange  for  Bonds, 
and  the  said  Bonds  after  their  exchange,  shall  be  assignable 
and  transferable  in  the  san^  manner,  and  wMth  the  like  au- 
thentication established  at  the  Treasury  for  Registered 
Bonds. 

3.  Each  Treasury  officer  who  shall  issue  a  certificate, 
shall  report  weekly  to  the  Treasurer  the  number  of  the  cer- 
tificate, date  of  payment,  name  of  party  and  amount.  And 
Avhen  such  certificate  shall  be  presented  to  be  exchanged  for  a 
Bond,  he  shall  ascertain  whether  the  assignments  are  made 
in  form  according  to  Article  2,  and  make  a  register  thereof, 
by  number,  date,  name  of  last  asi^gnee  and  amount.  Such 
certificate  shall  then  cease  to  be  assignable.  He  shall  re 
port  in  like  detail  to  the  Register  of  the  Treasury  weekly, 
(or  oftener  if  necessary)  the  certificates  so  presented  ;  and 
upon  such  report  being  received,  the  Register  shall 
forward  the  Bonds  to  the  Treasurer  or  Depositary  to  be  ex- 


changed  for  the  ccrlilicales.  The  said  Treasurer  or  Deposi- 
tary slmll  he  charged  with  the  same,  and  the  proper  voucher 
for  his  discharge  will  he  the  original  certificate  issued  by 
him  with  the  receipt  of  the  party  thereon. 

4.  After  the  said  dates  as  specified  in  Article  1,  all  the 
said  Treasury  Notes  outstanding  may  be  exchanged  for  like 
certificates  and  Bonds  at  the  rate  of  665  cents  for  each  dol- 
lar mentioned  in  each  Treasury  Note,  excepting  that  when 
one  hundred  dollar  notes  are  offered  east  of  the  Mississippi, 
there  shall  he  deducted  an  additional  sum  of  ten  per  cent. 
on  the  amount  promised  on  the  face  of  said  Notes  on. the 
then  value,  at  the  end  of  each  month  succeeding  tliesaid  first 
day  of  April,  and  when  offered  west  of  the  Mississippi,  the 
same  deduction  shall  be  made  at  the  end  of  each  month  suc- 
ceeding the  1st  of  July,  1864,  and  on  and  after  the  ist  of 
January,  1865,  all  further  funding  or  exchanges  of  Treasu- 
ry Notes  for  Bonds  or  certificates  shall  cease. 

5.  The  notes  received  by  each  Assistant  Treasurer  and 
Depositary  shall  be  put  up  in  packages  of  one  hundred  notes 
each,  separating  each  denomination  of  each  issue,  and  shall 
he  cancelled,  sealed,  labeled  and  forw^arded  through  the 
Treasurer  to  the  First  Auditor  of  the  Treasury  at  Richmond 
weekly,  with  a  detailed  report  ol"the  same. 

6.  Until  the  1st  of  April,  1SUJ4,  all  Treasury  Notes  not 
bearing  interest,  shall  be  received  at  their  face  in  payment 
of  public  dues  on  the  east  side  of  the  Mississippi,  and  until- 
the  1st  of  July,  1864,  on  the  west  side,  but  after  those  days 
respectively,  the  one  hundred  dollar  notes  shall  no  longer 
be  receivable  for  any  public  due,  and  all  other  notes  except 
those  of  five  dollars  and  under,  shall  be  receivable  at  the 
rate  of  66|  cents  to  each  dollar,  until  the  1st  of  January, 
1865,  when  they  will  be  absorbed  and  extinguished  by  the 
tax  of  one  hundred  per  cc*ut.  The  five  dollar  notes  shall  be 
receivable  at  par  for  public  dues  and  fundable  east  of  the 
Mississippi  until  the  1st  of  July,  1864,  and  west  of  the 
Mississi[>[)i  until  the  1st  of  October,  1864,  after  which 
dates  they  shall  be  receivable  and  fundable  at  66|  cents  to 
each  dollar  until  the  1st  of  January,  1865,  when  they  will 
be  absorbed  and. extinguished  by  the  tax  of  100  per  cent. 


7-  The  tax  imposed  upon  the  said  Treasun-  Notes  respoc- 
tively  attach  to  thera,  and  must  be  deducted  from  eacli  Note 
hy  6very  Government  officer  who  may  at  any  time  have  oc- 
casion to  receive  them.  Tliese  taxes  are  33.1  jier  cent,  on  all 
Treasury  Notes  not  bearing  interest,  above  the  denomination 
of  five  dollars,  outstanding  east  ot  the  Mississippi  on  the 
1st  of  April,  18G4,  and  west  of  the  IMississippi  on  the  1st  of 
July,  18G4  ;  on  five  dollar  notes  east  of  the  Mississippi  on 
the  1st  of  July,  1864,  and  west  of  the  Mississippi  on  the  1st 
of  October,  1804,33-^  per  cent.;  on' one  hundred  dollar 
notes,  an  additional  tax  of  ten  per  cent,  per  month  on  the 
face  thereof  until  presented  in  payment,  and  on  all  Notes 
other  than  Notes  under  the  denomination  of  five  dollars  out- 
standing on  the  1st  of  January,  18G5,  a  tax  of  one  hundred 
per  cent. 

8.  Notes  of  denominations  under  five  dollars  are  not 
affected  b}'  the  provisions  of  the  act  ;  tlicy  remain  current 
and  receivable  as  heretofore. 

•  9.  Call  certificates  issued  under  section  3  of  the  funding 
Act  of  March  23d,  1863,  for  September  (1863)  money,  or 
money  issued  since  September,  may  be  converted  at  the 
pleasure  of  the  holder  into  the  notes  which  they  represent,  or 
may  be  exchanged  for  four  per  cent.  Registered  Bonds  or  Cer- 
tificates. If  exchanged  before  the  1st  of  April,  1864,  east  of 
the  Mississippi,  or  if  before  the  1st  of  July,  1864,  west  of 
the  Mississippi,  the  holders  will  be  entitled  to  receive  Bonds 
or  Certificates  for  the  par  value  expressed  on  their  face,  to- 
gether witli  the  interest  due  ;  but  if  exchanged  after  those 
dates,  they  shall  from  those  dates  bear  interest  on  66^  cents 
for  every  dollar  promised  on  the  face,  and  shall  be  redeem- 
able only  in  Treasury  Notes  of  the  new  issue  at  that  rate. 
These  call  certificates  for  money  issued  previous  to  Septem- 
ber, 1863,  have  lost  their  convertibility,  and  may  be  ex- 
changed for  six  per  cent.  Bonds  under  the  Act  of  March. 

23,   1863. 

10.  No  call  certificates  shall  hereafter  be  issued  upon  any 
deposit  of  Treasury  Notes  of  the  present  issues. 


11.  A  new  issue  of  Treasury  No(es  will  be  made  between 
tlie  1st  of  April,  1SC4,  and  the  1st  of  January,  18G5. 
Any  holder  of  Treasury  Notes  of  the  priesent  issues  not 
bearing'intcrest,  of  any  denomination  of  five  dollars  or  more, 
(except  one  hundred  dollar  notes)  may,  after  the  Ist  of 
April,  1864,  on  the  east  side  of  the  Mississippi,  and  after 
the  1st  of  July,  18G4,  on  the  west  side  of  the  Mississippi, 
exchanjie  thb  same  for  the  new  issues  at  the  rate  of  three 
dollars  of  the  old  issues  for  two  dollars  of  the  new.  The! 
Treasurers  and  the  Depositaries  will  receive  deposites  from 
any  person  offering  the  same,  and  deliver  new  notes  in  ex- 
cliange  at  the  said  rate,  if  he  shall  have  sufficient  new  notes 

•  on  liand,  and  if  not,  he  shall  issue  a  certificate  for  the  amount 
.  of  the  deposit,  shall  cancel  and  forward  the  notes  (as  directed 
in  Article  5,)  to  the  Treasurer  at  Richmond,  with  a  report 
of  the  same,  and  the  Treasurer  shall  transfer  to  the  Depos- 
itory a  sufficient  amount  in  the  new  notes  to  meet  the 
authorized  demands.  When  cancelled  notes  shall  have 
been  rei)orted*upon  by  the  accounting  officer,  drafts  will  be 
forwarded  to  the  Depository  for  the  amount. 

12.  The  holders  of  the  new  issues  or  of  the  old.  with  the 
exception  of  the  one  hundred  dollar  notes,  after  they  shall 
have  been  reduced  by  the  tax  to  66^  cents  in  the  dollar, 
shall  be  allowed  to  deposit  the  same  at  each  principal  pay 
Depository,  in  each  State,  and  shall  receive  for  .the  same  a 
call  certificate  bearing  interest  at  the  rate  of  four  per  cent, 
per  anhum,  and  payable  two  years  after  peace  with  the 
United  States,  unless  sooner  reconverted. 

13.  The  7, ^,"o  interest  bearing  Treasury  Notes  are  cou- 
verted  into  Bonds  })ayable  two  years  after  peace  with  the 
United  States,  with  interest  at  the  rate  of  two  cents  per  day 
payable  annually  on  the  1st  of  January.  The  interest  will 
be  paid  annually  by  the  pay  Depositaries  as  heretofore  ;  but 
they  arc  no  longer  receivable  for  public  dues. 

14.  Any  holder  of  a  four  per  cent,  bond  which  may  be 
marked  with  the  token  agreed  upon  between  the  Secretary 
of  the  Treasury  and  the  bank  from  which  he  may  have  re- 
ceived the  same  for  his  deposit,  is  entitled  to  convert  the 


said  Bond  into  Treasury  Notes.  If  any  such  Bond  shall  be 
presented  for  puymotit  at  any  pay  Depository  helbre  the  1st 
of  April,  1864,  such  Depositary  shall  pay  the  same  at  par 
iuTrcasury  Notes  of  the  present  issues,  and  the  said  Bond, 
duly  receipted,  shall  be  a  proper  voucher  to  discharge  him 
for  the  amount  so  paid. 

15.  As  soon  as  proper  six  per  cent,  bonds  can  be  prepared, 
the  holders  of  call  certificates  Avhich  were  converted  into 
Bonds  by  the  Act  of  March  23,  1863,  are  entitled  to  ex- 
change their  certificates  for  said  Bonds  upon  the  application 
of  any  hol'der  of  a  call  certificate  at  any  pay  Depository.  Such 
Depositary  shall  take  up  such  certificate  by  paying  the  in- 
terest due,  and  issuing  a  certificate  ©f  deposit  that  the. 
amount  (of  principal)  has  b,een  deposited  to  the  credit  of 
the  Treasurer,  on  account  of  6  per  cent.  Loan,  und^r  the  18th 
section  of  the  Act  of  February  Hth,  1864,  and  shall  report 
such  deposites  in  his  -weekly  returns  to  the  Treasurer.  He 
shall  also  send  a  statement  of  the  certificates  of  deposit  so 
issued  in  'exchange  to  the  Register  of  the  Treasury,  who 
shall  forward  to  the  Depositary  coupon  or  registered  bonds, 
•ixs  may  be  desired,  suflacient  to  meet  the  demand,  and  shall 
charge  the  Depositary  with  the  same.  The  proper  voucher 
for  the  discharge  of  the  Depositary  will  be  the  certificate  of 
deposit  issued  by  him,  endorsed  by  the  party  to  whom  the 
Bond  was  due.  The  Depositary  shall  forward  accounts  for 
the  call  certificates  so  redeemed  and  for  interest  paid,  ac- 
companied by  the  vouchers,  as  in  other  cases  ot  similar 
character. 

16.  Bonds  under  Act  of  February  iTth,  1864,  will  be  issued 
in  denominations  of  $100,  $500,  $1,000,  $3,000  and  $5,000. 

17.  Certificates  may  be  issued  for  any  sum  of  which  $100 
is  {^  multiple.  When  an  amount  presented  for  funding  shall 
consist  of  funds  belonging  to  more  than  one  person,  and 
be  accompanied  by  a  list  of  names  and  respective  amounts 
only  one  certificate  may  be  issued  in  the  name  of  each  per- 
son, 

(Signed,)  C.  G.  MEMMINGER, 

Secretary  of  Trcasiuy, 


[No.  116.] 

AN  ACT 

TO  REDUCE  THE  CURRENCY,  AND  TO  AUTHORIZE  A  NEW 
ISSUE  OF  NOTES  AND  BONDS. 


Skc.  1.  The  Congress  of  the  Confederate  States  of  America  do  enact, 
That  ihe  holders  of  all  Treasury  notes  above  the  denomination  of  five 
dollars,  not  bearing  interest,  shall  be  allowed  until  the  first  day  of  April, 
1864,  east  of  the  Mississippi  river,  and  until  the  1st  day  of  ^uly,  1864, 
west  of  the  Mississippi  river,  to  fund  the  same,  andjintil  the  periods  and 
at  the  places  stated  the  liolders  of  all  such  Treasury  notes  shall  be  allowed 
to  fund  the  same  in  registered  bonds,  payable  twenty  years  after  their 
date,  bearing  interest  at  ihe  .rate  of  four  per  cent,  per  annum,  payable  oa 
the  1st  day  of  January  and  -Tuly  of  each  year. 

Sec.  2.  The  Secretary  of  tlie  Treasiwy  is  hereby  authorized  to  issue  the 
bonds  required  for  the  lunding  provided  for  in  tlie  preceding  section  ;  and 
iintil  the  bon^s  can  be  prepared,  he  may  issue  ceriiticates  to  answer  thtj 
purpose.  Such  bonds  and  certificates  shall  be  receivable,  without  interest, 
in  payment  of  all  Government  dues  payable  in  the  year  1SG4,  except 
export  and  import  duties. 

Skc.  3.  That  all  Treasury  notes  of  the  denomination  of  one  hundred 
dollars,  not  bearing  interest,  which  sliall  not  be  presented  'for  funding 
under  the  provisions  of  the  first  section  of  this  act,  shall,  from  and  after 
the  first  day  of  April  18G4,  east  of  the  Mississippi  river,  and  the  first  day 
of  July  west  of*the  Mississippi,  cease  to  be  receivable  in  payment  of 
public  dues;  and  said  notes,  it  not  presented  at  that  time,  shall,  in 
addition  to  the  tax  of  thirty-three  and  one-third  cents  imposed  in  the 
4lh  section  of  this  act,  be  subject  to  a  tax  of  ten  per  cent,  per  month 
until  so  presented  ;  which  taxes  shall  attach  to  said  notes  wherever 
circulated,  and  shall  be  deducted  from  the  face  of  said  notes  whenever 
presented  for  payment  or  for  funding,  and  such  notes  siiall  not  be  exchange- 
able for  the  new  issue  of  Treasury  notes  provided  for  in  this  act. 

Sec.  4.  That  on  all  said  Treasury  notes  not  funded  or  used  in  payment 
of  taxes  at  the  dates  and  places  prescribed  in  the  first  section  of  this  act, 
there.shall  be  levied  at  said  dates  and  places  a  tax  of  thirty-three  and 
one-third  ceo's  for  every  dollar  promised  on  the  face  of  said  notes.  Said 
tjix  shall  attach  to  said  notes  wherever  circulated,  and  shall  be  collected 
by  deducting  the  same  at  the  Treasury,  its  depositaries,  and  by  the 
collectors,  and  by  all  Government  officers  receiving  tlie  same,  wherever 
presented  for  payment  or  for  funding,  or  in  payment  of  Government  dues, 
or  for  postage,  in  exchange  for  new  notes  as  liereinafter  provided,  and 
said  Treasury  notes  shall  be  fiindable  in  bonds  as  provided  in  the  first 
isection  of  this  act,  until  Uie  first  day  of  January,  1865,  at  the  rate'  ot 
fiixty-six  cents  and  two-thirds  on  the  dollar,  and  it  shall  .be  the  duty  of 
the  Secretary  of  the  Treasury,  at  any  time  between  the  first  of  April, 
east,  and  first  of  July,  1864,  west,  of  the  Mississippi  river,  and  the  first 
of  January,  1865,  to  substitute  and  exchange  now  Treasury  notes  for  the 
same,  at  tiie  rate  of  sixty-six  and  two-third  cents  on  the  dollar:  Provided, 
that  notes  of  the  denomination  of  one  hundred  dollars  shall  not  be 
entitled  to  the  j)rivilege  of  said  exchange:  Provided,  further,  that  the 
right  to  fund  any, of  said  Treasury  notes  after  the  first  of  January,  1865, 
js  hereby  taken  nway  :  and  provided,  further,  tljat  upon  all  such  Treasury 


1 

notes  whieh  renuiiu  outstanding  on  the  first  day  of  January,  1865,  and 
which  may  not  be  exchanged  for  new  Treasury  notes,  as  herein  provided', 
a  tax  of  one  hundred  per  cent,  is  hereby  imposed. 

Sec.  5.  That  after  the  tirst  day  of  April  next  all  authority  heretofore 
given  to  the  Secretary  of  the  Treasury  to  issue  Treasury  notes,  shall  be, 
and  is  heieby,  revoked:  provided,  the  Secretary  of  the  Treasury  may, 
after  that  lime,  issue  new  Treasury  notes  in  such  form  as  he  may 
prescribe,  payable  two  years  after  the  ratification  of  a  treaty  of  peace 
with  the  United  States,  said  new  issue  to  be  receivable  in  payment  of  all 
public  due.<5,  except  export  and  import  duties,  and  to  be  issued  in  exchange 
Ibr  old  notes,  at  the  rate  of  two  dollars  of  the  new  for  three  dollars  of  the 
old  issues,  whether  said  old  notes  be  surrendered  for  exchange  by  the 
holders  thereof,  or  be  received  into  the  Tre?.sury  under  the  provisions  of 
this  act;  and  the  holders  of  the  new  notes,  or- of  the  old  notes,  except 
those  of  the  denomination  of  one  hundred  dollars,  after  they  are  reduced 
to  sixty-.<.ix  and  two-thirds  cents  on  the  c'ollar,  by  the  tax  aforesaid,  may 
convert  into  call  certificates,  bearing  interest  at  the  rate  of  four  per  cent, 
per  annum,  and  payable  two  years  after  a  ratification  of  a  treaty  of  peace 
with  ti)e  United  States,  unless  sooner  converted  into  new  notes. 

Skc.  6.  That  to  pay  the  expenses  of  the  (.rovernment  not  otherwise 
provided  for,  the  Secretary  of  the  Treasury  is  hereby  authorized  to  issue 
six  per  cent,  bonds  to  an  amount  not  exceeding  five  hundred  millions  of 
dollars,  the  principal  and  interest  whereof  shall  be  free  from  taxation  ; 
and  for  ilie  payment  of  the  interest  thereon,  the  entire  net  receipts  of  any 
export  duty  hereafter  laid  on  the  value  of  all  cotton,  tobacco  and  naval 
stores,  wliioh  shall  be  exported  from  the  Confederate  States,  and  the  net 
proceeds  of  the  import  duties  laid,  or  so  much  thereof  as  may  be  necessary 
t,o  pay  annually  the  interest,  are  hereby  specially  pledged:  Provided,  that 
the  duties  now  laid  upon  imports,  and  hereby  pledged,  shall  hereafter  bo 
paid  in  specie,  or  in  sterling  exchange,  or  in  coupons  of  said  bonds. 

Sec.  7.  That  the  .Secretary  of  the  Treasury  is  hereby  authorized  from 
time  to  time,  as  the  wants  of  the  Treasury  may  require  it,  to  sell  or 
hypothecate  for  Treasury  notes,  said  bonds  or  any  part  thereof,  upon  the 
best  terms  he  can,  so  as  to  meet  appropriations  by  Congress,  and  at  the 
same  lime  reduce  and  restrict  the  amount  of  circulation  in  Treasury  notes 
within  reasonable  and, safe  limits. 

Sec.  8.  The  bonds  authorized  by  the  Gth  section  of  this  act  may  either 
be  registered  or  coupon  bonds,  as  the  parties  taking  them  may  elect,  and 
they  may  be  exchanged  for  each  other  under  such  regulations  as  the 
Secretary  of  the  Treasury  may  prescribe;  they  shall  be  for  one  hundred 
dollars  or  some  multiple  of  one  hundred  dollars,  and  shall,  together  with 
the  coupons  thereto  attached,  be  in  such  form  and  of  such  authentication 
as  the  Secretary  of  the  Trea.sury  may  prescribe  :  the  intereiJt  shall  be 
payable  half  yearly,  on  the  Grst  of  January  and  July  in  each  year;  the 
principal  shall  be  payable  not  less  than  thirty  years  from  their  date. 

Si;c.  9.  All  call  cerlilicates  shall  be  fundable,  and  shall  be  taxed  in  all 
respect.*;  as  is  provided  for  the  Treasury  notes  into  which  they  are 
convertible,  if  not  converted  before  the  time  fixed  for  taxing  the  Treasury- 
notes.  Such  certificates  shall  from  that  time  bear  interest  upon  only 
!-ixty-six  and  two- thirds  cent,-;  for  evtry  dollar  promised  upon  tlieir  face, 
and  sliall  be  redeemable  only  in  new  Treasury  notes  at  that  rate ;  hue 
after  the  passage  of  this  act  no  call  certificates  shall  be  issued  until  after 
the  first  day  of  April,  1S64. 

Sec.  10.  That  if  any  bank  of  deposit  shall  give  its  depositors  the  bonds- 
authorized  by  the  fiist  i^ection  of  this  aci  in  exchange  for  their  deposits, 
and  spt^cify  the  same  on  the  bonds  by  some  distinctive  mark  or  token,- 
10  be  agreed  upon  with  the  Secretary  of  the  Treasury,  then  the  said  depos- 
itors shall  be  entitled  to  rccei\'e  th6  amount  of  said  bonds  in  Treasury 


8 

note?,  bearing  no  interest  and  ouls;tandiiig  at  the  passage  of  this  act  : 
Provided,  the  said  bond-;  arc  presented  belure  the  priv-lege  of  funding  said 
notes  at  par  shall  cease,  as  herein  prescribed. 

Sec.  11.  Tiiat  all  Treasury  noies  heretofore  issued  of  the  denomination 
of  five  dollars  shall  coatiiaie  to  be  receivable  in  pa^'niont  of  public  dues, 
as  provided  by  law,  and  fundable  at  par  under  the  pnrvisions  of  tliis  act, 
until  the  first  of  July,  1SG4,  east,  and  until  the  first  of  October,  1864,  west 
of  the  Mississippi  river:  l>ut  alter  that  lime  they  shall  be  subject  to  a  ta.x 
ot  thirty-three  and  a  third  cents  on  every  dollar  promised  ou  the  face 
thereof,  said  tax  to  attach  to  said  noteii  wherever  circulated,  and  said 
notes  to  be  fundable  and  exchangeable  lor  new  Treasury  notes  as  herem 
provided,  subject  to  the  deduction  ofsaid  tax. 

Skc.  12.  Tliat  any  Stale  iioUIing  Treasury  notes  received  before  the 
times  herein  fixed  for  taxing  said  notes  shall  be  allowed  until  the  1st  day  of 
January,  18G5,  to  fund  the  .-ame  in  six  per  cent,  bonds  of  the  Confeder.ito 
States,  payable  twenty  years  after  dale,  and  the  interest  payable  semi- 
annually. But  all  Treasury  notes  received  by  any  State  after  the  lime 
fixed  for  taxing  the  same,  as  aforesaid, 'shall  be  held  to  have  been  received 
diminished  by  the  amount  of  said  tax.  The  discrimination  between  the 
notes  subject  to  the  tax  and  ihose  not  so  subject  sliall  be  left  to  the  good 
faith  of  each  State,  and  the  certificate  of  the  Governor  thereof  shall  in 
eacli  case  be  conclusive. 

Stc.  13.  That  Treasury  notes  heretofore  issued,  bearing  interest  at  the 
rate  of  seven  dollars  and  thirty  cents  on  the  hundred  dollars  per  annum, 
shall  no  longer  be  received  in  payment  of  public  dues,  but  shall  be  deemed 
and  considered  bonds  of  the  Confederate  States,  payable  two  yeais  after 
the  ratification  of  a  treaty  of  peace  with  the  United  States,  bearing  the 
rate  of  interest  specified  on  their  face,  payable  the  first  of  January  ot  each 
and  every  year. 

Stc.  14.  That  the  Secretary  of  the  Treasury  be,  and  he  is  hereby, 
authorized  in  case  the  exegencies  of  the  Government  should  require  it, 
to  pay  the  demand  of  any  public  creditor,  whose  debt  may  be  contracted 
after  the  passage  of  this  act,  willing  to  receive  the  same,  in  a  certificate  of 
indebtedness,  to  be  issued  by  said  Secretary  in  .such  form  as  be  may  deem 
proper,  payable  two  years  after  a  ratification  of  a  treaty  of  peace  with  the 
United  State,*,  bearing  interest  at  the  rate  of  six 'per  cent,  per  annum, 
payable  semi-annually,  and  transferable  only  by  special  endorsement,  under 
regulations  to  be  prescribed  by  the  Seoretary  ol'  the  Treasury,  and  said 
certificates  shall  be  exempted  fi-om  taxation  in  principal  and  interest. 

Skc.  lo.^The  Secretary  of  the  Treasury  is  authorized  to  increase  the 
number  of  depositories  so  as  to  meet  the  requirements  of  this  act,  and 
with  that  view  to  employ  such  of  the  banks  of  the  several  States  as  he 
may  deem  expedient. 

ttKC.  IG.  1'lie  Secretary  of  tho  Treasury  shall  forthwith  advertise  thi.s 
act  in  such  newspapers  published  in  the  several  States,  and  by  such  other 
means  as  shall  secure  immediate  publicity;  and  the  Secretary  of  War 
and  the  Secretary  of  the  Navy  shall  each  cause  it  to  be  published  in 
general  orders  for  the  information  of  the  army  and  navv. 

Sec.  17.  The  42d  section  of  the  agt  for  the  assessment  and  collection  of 
taxes,  approved  May  1,  1863,  is  hereby  repealed. 

Sec.  18.  The  Secretary  of  the  Treasury  is  hereby  authorized  and 
required,  upon  the  application  of  the  holder  of  any  call  certificate,  which 
by  the  first  section  ol  the  act  to  provide  for  the  funding  and  further  issue 
of  Treasury  notes,  approved  Mai-ch  23d,  18G3,  was  required  to  be  here- 
after deemed  to  be  a  bond,  to  issue  to  such  holder  a  bond  therefor  upon 
the  terms  provided  by  said  acf. 

Approvkd  FfinRUAKY  17,  18G4. 


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